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Financing the MBA Program

The purpose of this advisory is to outline the costs associated with Elon's MBA program and to provide you with the available financing options to assist in meeting those costs. If you should desire additional information, please contact Lynette Lorenzetti in Elon's Office of Financial Planning at lorenzet@elon.edu, (336) 278-7640.

Reasonable Cost

One of the major benefits of the Elon MBA is the reasonable cost of tuition. The current total program cost is between $32,000-39,000, with each credit hour being $827 for the 2014-2015 academic year. The cost for 2015-2016 will be $852 for each credit hour. Many companies, recognizing that advanced education is an excellent investment, will pay all or part of an employee's expenses. In addition, Elon offers a deferred payment plan and student loans.

The Student Loan Programs

If you intend to apply for any federal financing, we encourage you to submit your FAFSA at the time you apply for admission.

Federal Stafford Loan

Graduate students may borrow up to $20,500 through the Unsubsidized Stafford Loan program. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the interest is capitalized (allowed to accumulate) it will be added to the principal amount of the loan and will increase the amount the borrower will have to repay. If the choice is made to pay the interest as it accumulates, the total interest charges paid during repayment will be considerably less. The maximum unsubsidized loan for graduate and professional study is $20,500 per year.

The total amount a graduate or professional student may borrow from all Stafford Loans (including undergraduate loans) combined is $138,500 (no more than $65,000 of this amount may be in subsidized loans). The graduate borrowing limit includes any Stafford Loans received for undergraduate study.

Under current law, the fixed interest rate charged on Federal Stafford Loans is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan these fees are deducted up front and thus lower the actual amount of each disbursement.

Repayment of Stafford Loans begins six months after graduation or withdrawal from the MBA Program. This is called the grace period. During the grace period on a Stafford loan, no payment of any principal is due.

For more information, visit elon.edu/finaidborrow. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at studentloans.gov.

Federal PLUS Loan for Graduate Students

This loan is based on credit worthiness. The application and disbursement process is similar to that described for Stafford Loans. Principal can be deferred while you are enrolled, however interest will accrue. Repayment begins immediately after graduation or when you are no longer enrolled.

Borrowers may borrow up to the cost of education less any other financial aid awarded. Under current law, the fixed interest rate charged on Graduate PLUS is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan. These fees are deducted up front and thus lower the actual amount of each disbursement.. Federal regulations require loan proceeds be disbursed in two equal amounts. Proceeds are applied directly to your tuition account.

Information about the Graduate PLUS Loan may be obtained from the Office of Financial Planning website. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at www.studentloans.gov.

For more information, visit elon.edu/finaidborrow. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at studentloans.gov.